Mis sold endowment

beezkneez

Is it too late to see if I was mis sold an endowment?

It was sold to us in 1996/1997 and we were told we could alter the monthly premiums whenever we wanted

When we came to needing to alter them we were told we could not


We ended up selling house after 7 years and cashing it in as it was under achieving and not what we were told

I do not think I have any chance really but thought I check!

Thanks

[Deleted User]

beezkneez wrote: »

Is it too late to see if I was mis sold an endowment?

It was sold to us in 1996/1997 and we were told we couldn’t alter the monthly premiums whenever we wanted

You were advised correctly.

beezkneez

Deleted_User wrote: »

You were advised correctly.

Oh my phone has changed could to couldn’t it’s also added other letters and symbols!

Sorry I‘ve fixed it

dunstonh

Is it too late to see if I was mis sold an endowment?

Most endowments are now timebarred from a complaint. Some are not.

When we came to needing to alter them we were told we could not

Premium alterations required the plan to have sufficient time lift to requalify for HMRC purposes. It was usually something providers did at their discretion rather than being within the policy terms. This tended to end when providers withdrew from endowment sales between 1998 and 2003.

I do not think I have any chance really but thought I check!

With that information, the seller can timebar you. You have 6 years from the point of sale and 3 years from being reasonably aware of an issue to raise a complaint. Both rules need to be met to allow a timebar. in your case, both rules were met.